Dallas-based Texas Utilities Co. is changing its name to TXU,which is also the company’s stock symbol. The action bringstogether divisions and subsidiaries, domestic and international,under one name. TU Electric/Lone Star Gas, the company’s largestdomestic operation, will be renamed TXU Electric & Gas.
“We are no longer a traditional utility company with all ourbusiness focused entirely on Texas,” said Erle Nye, CEO. “TXU hasrepositioned itself as a multinational, integrated energy companythat is diverse geographically, operationally and financially. Butnow we need an identity that reflects our new position andstrategy.”
TXU has grown from a regional Texas electric company into one ofthe top ten energy services companies in the world, with revenuesof more than $16 billion and assets of $40 billion.
Lone Star Gas was acquired in 1997. Last year, TXU stretched tothe United Kingdom and Europe with the purchase of The EnergyGroup, which included Eastern Group. In 1999, natural gas was addedto the company’s Australian holdings.
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